AltsVault

Shared books

A platform running six vehicles may be running one underwriting book across them. This ranks managers by how much of the complex sits in companies two or more of their own funds hold — banded by loaded book size so the largest platforms lead — because an allocator holding two funds from the same platform may own far less diversification than the fund count suggests.

Issuers are matched on normalised name (~10% measured error each way), so crowding and overlap figures are floors. How this is measured →

$326.6B across 40 platforms sits in names their own vehicles share — each platform’s loaded book times its shared share, summed over every platform listed below, all of them running two or more vehicles.

40 managers with 2+ vehicles and a loaded book. Managers running a single vehicle are absent by construction: sharing across own vehicles cannot be measured on one. List cut at 40 by shared share, so a large platform with a small share can be absent entirely.

$10B+ loaded books

  1. 01Blue Owl
    6 vehicles · $78.4B loaded book
    91%
  2. 02Golub Capital
    7 vehicles · $22.5B loaded book
    88%
  3. 03Morgan Stanley
    5 vehicles · $12.5B loaded book
    85%
  4. 04Sixth Street
    2 vehicles · $10.9B loaded book
    74%
  5. 05Blackstone
    4 vehicles · $103.7B loaded book
    73%
  6. 06Oaktree
    5 vehicles · $11.4B loaded book
    67%
  7. 07KKR
    7 vehicles · $26.4B loaded book
    58%
  8. 08Goldman Sachs
    4 vehicles · $18.0B loaded book
    55%
  9. 09Ares Management
    4 vehicles · $65.1B loaded book
    46%
  10. 10Apollo
    5 vehicles · $29.6B loaded book
    40%
  11. 11HPS Investment Partners
    2 vehicles · $28.6B loaded book
    30%

$1–10B loaded books

  1. 12Jefferies Credit
    2 vehicles · $2.3B loaded book
    95%
  2. 13Barings
    3 vehicles · $9.2B loaded book
    90%
  3. 14Antares Capital
    3 vehicles · $6.3B loaded book
    90%
  4. 15New Mountain
    4 vehicles · $8.1B loaded book
    85%
  5. 16Fidelity
    3 vehicles · $3.9B loaded book
    84%
  6. 17Carlyle
    3 vehicles · $8.2B loaded book
    82%
  7. 18Kayne Anderson
    2 vehicles · $2.5B loaded book
    82%
  8. 19PennantPark
    3 vehicles · $7.2B loaded book
    73%
  9. 20AB
    2 vehicles · $2.1B loaded book
    68%
  10. 21TriplePoint
    2 vehicles · $1.2B loaded book
    67%
  11. 22SLR
    4 vehicles · $1.8B loaded book
    66%
  12. 23Stone Point Credit
    2 vehicles · $3.7B loaded book
    59%
  13. 24Bain Capital
    2 vehicles · $7.0B loaded book
    51%
  14. 25BlackRock
    3 vehicles · $2.7B loaded book
    44%
  15. 26Stellus Capital
    2 vehicles · $1.4B loaded book
    39%
  16. 27Oha Private Credit Advisors LLC
    2 vehicles · $3.2B loaded book
    39%
  17. 28Crescent Capital
    3 vehicles · $3.1B loaded book
    36%
  18. 29Monroe Capital
    3 vehicles · $6.7B loaded book
    31%
  19. 30Pacific
    5 vehicles · $1.1B loaded book
    22%
  20. 31Churchill
    2 vehicles · $1.5B loaded book
    15%
  21. 32StepStone
    3 vehicles · $3.2B loaded book
    15%

Under $1B loaded books

  1. 33Liquid Strategies
    2 vehicles · $124M loaded book
    95%
  2. 34First Trust
    4 vehicles · $640M loaded book
    92%
  3. 35Capital Group KKR
    2 vehicles · $150M loaded book
    84%
  4. 36Western Technology Investment (wti)
    3 vehicles · $458M loaded book
    76%
  5. 37Lord Abbett
    3 vehicles · $461M loaded book
    74%
  6. 38Invesco
    2 vehicles · $328M loaded book
    43%
  7. 39Sierra Crest
    2 vehicles · $800M loaded book
    7%
  8. 40Versus Capital
    2 vehicles · $449M loaded book
    5%

Source: AltsVault · SEC filings